When was the last time you sat down with your accountant and had a proper conversation about your finances? Not just the usual tax return chat, but the kind of discussion that could shape your financial future.
Many Australians assume that once they have handed over their receipts, their accountant will take care of everything. But here’s the reality: unless you ask the right questions, you could be missing out on savings, strategies, and smarter planning.
So, if you are working hard to grow your income, run a business, or build wealth, here are the questions you need to be asking. Today, not next financial year.
Are you sure I’m not paying more tax than necessary?
Nobody enjoys handing over a chunk of their income to the tax office, especially if there is a chance some of it could have stayed in your pocket. Unfortunately, many people end up overpaying simply because they are unaware of what they are entitled to claim.
Have you asked your accountant whether you are making full use of all eligible deductions? This includes work-related expenses, investment property costs, or even certain super contributions. Your circumstances may have changed, and so might the rules. If you do not raise these questions, your accountant might miss opportunities to reduce your tax bill.
Paying less tax legally is not about cutting corners. It is about understanding the rules and using them to your advantage.
Is my business or side hustle structured in the most tax-effective way?
If you are running a business, even on the side, the structure you choose matters more than you might realise. Many people begin as sole traders because it is simple and cheap to set up. But as your income grows, staying in that structure might cost you more than you think.
A company or trust structure could potentially lower your tax burden and protect your personal assets. It might also open the door to other benefits such as easier financing or more flexible income distribution.
So, ask your accountant: Is my current setup still working for me? If the answer is no, it might be time to change things before tax time arrives.
Am I making the most of my super?
Superannuation often sits in the background of our financial lives. You know it’s there, but it is easy to forget about it until retirement feels closer. The thing is, super can be a powerful tool right now, not just down the track.
Have you considered strategies like salary sacrificing? Could co-contributions or catch-up payments apply to you? These are the types of questions that can unlock both immediate tax advantages and long-term growth.
Your accountant should be helping you look at super as a live financial opportunity, not just a retirement formality.
Are my investments structured in the smartest way?
Whether it is shares, property, or a combination of both, investing is about more than just choosing the right assets. How you hold and manage those assets plays a huge role in what you take home.
Could a different approach to capital gains improve your outcomes? Is negative gearing working in your favour? Would holding certain investments in a trust provide better tax treatment?
If you are not already having these discussions with your accountant, now is the time to start. Small structural changes could lead to far better financial outcomes.
What risks should I be prepared for?
Most of us like to think we will see problems coming before they hit. But financial risks are not always obvious. An unexpected illness, an economic downturn, or a legal issue in your business can all leave you exposed if you are not ready.
Ask your accountant whether there are any gaps in your risk planning. Should you review your insurance cover? Do you have any liabilities you have not properly accounted for?
Planning for risk does not mean you are expecting the worst. It means you are serious about protecting what you have built.
Final Thoughts
A great accountant is not just someone who files your tax return. They should be a partner in your financial journey, helping you grow, protect, and plan with clarity.
But they can only do that if you ask the right questions.
It is easy to assume everything is being handled behind the scenes. In reality, the best financial outcomes come from being proactive, curious, and willing to have real conversations.
Your money deserves more than a once-a-year meeting. Ask the questions today that could shape your tomorrow.
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